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Overview of Chapter 1 of Elementary Accounting Practice
Chapter 1 Overview of Elementary Accounting Practice, which summarizes accounting concepts, functions and objectives, basic accounting assumptions and accounting basis, accounting professional ethics, Basics of internal control, etc.
Edited at 2024-01-29 18:24:16
Overview of Chapter 1 of Elementary Accounting Practice
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Preliminary examination
Junior Accounting Practice
Overview
Accounting Concepts, Functions and Objectives
accounting concept
Using currency as the main unit of measurement
The economic activity process and results of enterprises, administrative and public institutions
Perform accounting and monitoring
economic management activities
accounting function
Basic functions
Accounting (the most basic function)
confirm
Measurement
Record
Report
Accounting Supervision
Can be divided into unit internal supervision, social supervision and state supervision
authenticity
legality
integrity
rationality
Expand functions
Forecasting economic prospects
Participate in economic decision-making
Evaluate economic performance
accounting objectives
concept
It is the task or standard that accounting work is required to complete.
Provide accounting information
Financial status
operating results
cash flow
Accounting information
Usually mainly for internal management of enterprises
accounting information
Includes financial information and necessary non-financial information
Users of accounting data and accounting information
Investors
creditor
Government and its relevant departments
society
Basic accounting assumptions and accounting basis
Basic accounting assumptions
accounting entity
spatial extent
Continue to operate
Accounting installment
year
medium term
Semi-annual, quarterly, monthly
monetary measurement
Basics of accounting
accrual basis
Financial accounting used by businesses and governments
Regardless of whether the income is received or the expenses are paid, the period in which the income and expenses are actually attributed shall be the period in which they should be attributed.
cash basis
Government budget accounting uses
Accounting information quality requirements
reliability
Correlation
understandability
Comparability
Comparable before and after
The same or similar transactions or events that occur in different periods of the same enterprise should adopt consistent accounting policies and cannot be changed at will (not that they cannot be changed)
comparable to each other
The same or similar transactions or events that occur in the same accounting period of different enterprises should adopt prescribed accounting policies to ensure that the accounting information is consistent and comparable to each other.
Substance over form
importance
prudence
timeliness
Accounting Professional Ethics
Accounting professional characteristics: 1. Social attributes 2. Normative 3. Economic 4. Technical 5. Contemporary
The difference and connection between accounting professional ethics and accounting legal system: they penetrate and absorb each other in content, complement and coordinate with each other in function
Accounting professional ethics: dedication to work (the core of accounting professional ethics), honesty and trustworthiness, integrity and self-discipline, objectivity and impartiality, adhering to standards, improving skills, participating in management, and strengthening service
Internal control basics
Internal environment (basic and environmental conditions)
1. Governance structure 2. Organizational structure and distribution of rights and responsibilities 3. Corporate culture 4. Human resources policy 5. Internal audit organization 6. Anti-fraud mechanism
Risk assessment (important links, real-time control object content)
1. Risk target setting 2. Risk identification 3. Risk analysis and risk response
Control activities (methods and means)
1. Division of responsibilities control 2. Authorization control 3. Review and approval control 4. Budget control 5. Property protection control 6. Accounting system control 7. Internal reporting control 8. Economic activity analysis control 9. Performance evaluation control 10. Information technology control
Information and communication (important conditions, throughout risk assessment, control supervision and internal supervision)
1. Information collection system 2. Information communication mechanism
Internal supervision (important guarantee)
1. Conduct continuous supervision and inspection on the overall situation of establishing, improving and implementing internal control 2. Conduct special supervision and inspection on certain aspects or aspects of internal control 3. Submit corresponding inspection reports, propose targeted improvement measures and supervise examine
The legal subject must be the accounting subject, but the accounting subject is not necessarily the legal subject
Accounting data is the basis of accounting information
Help users of financial reports make economic decisions
Reflect the performance of corporate management’s fiduciary responsibilities
Accounting is the basis and basis for accounting supervision. Accounting supervision is the guarantee of the authenticity and reliability of accounting information.
The relationship between accounting and accounting supervision: complementary and dialectical unity